優步 (UBER) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Uber's Q4 2020 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Balaji Krishnamurthy Investor Relations. Thank you. Please go ahead, sir.

女士們，先生們，感謝你們的支持，歡迎參加優步 2020 年第四季度收益電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，Balaji Krishnamurthy 投資者關係部。謝謝你。請繼續，先生。

Thank you, David. Thank you for joining us today, and welcome to Uber Technologies' Fourth Quarter and Full Year 2020 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Nelson Chai. This is Balaji Krishnamurthy from the Investor Relations team.

謝謝你，大衛。感謝您今天加入我們，並歡迎參加 Uber Technologies 的 2020 年第四季度和全年收益報告。在今天的電話會議上，我們有 Uber 的首席執行官 Dara Khosrowshahi；和首席財務官Nelson Chai。我是投資者關係團隊的 Balaji Krishnamurthy。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. I will remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。有關這些非 GAAP 措施的其他披露，包括 GAAP 與非 GAAP 措施的對賬，包含在新聞稿、補充幻燈片和我們向 SEC 提交的文件中，每一份文件都發佈到investor.uber.com。我會提醒您，這些數字未經審計，可能會發生變化。

Certain statements in this presentation and on this call are forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties described in our most recent quarterly report on Form 10-Q for the quarter ended September 30, 2020, and in other filings made with the SEC when available.

本演示文稿和本次電話會議中的某些陳述是前瞻性陳述。此類陳述可以通過相信、預期、打算和可能等術語來識別。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，除法律要求外，我們不承擔更新我們今天做出的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們在本季度表格 10-Q 的最新季度報告中描述的風險和不確定性截至 2020 年 9 月 30 日，以及在向 SEC 提交的其他文件中（如果有）。

Following prepared remarks today, we will open the call to questions. For the remainder of this discussion, all growth rates reflect year on -- year-over-year growth and are on a constant currency basis, unless otherwise noted. With that, let me hand it over to Dara.

在今天準備好的發言之後，我們將開始提問。對於本次討論的其餘部分，除非另有說明，否則所有增長率都反映了同比增長，並且基於固定貨幣。有了這個，讓我把它交給達拉。

Thank you, Balaji, and thanks for everyone joining us today. Since our last earnings call, the world has made considerable progress in the fight against COVID. While there's still a lot of work to do, we're cautiously optimistic that this progress will continue and effect, accelerate over the next quarters.

謝謝你，Balaji，也感謝今天加入我們的每一個人。自我們上次召開財報電話會議以來，世界在抗擊 COVID 方面取得了長足的進步。雖然還有很多工作要做，但我們謹慎樂觀地認為，這一進展將在未來幾個季度繼續並加速。

However, longer recovery takes Uber's business remains well positioned. Despite renewed lockdowns in Q4, we ended the year with total company gross bookings nearly flat year-on-year in December with gross bookings turning positive in January. Disciplined execution and increased scale in our delivery business allowed us to improve adjusted EBITDA by $161 million year-on-year in Q4.

然而，需要更長的複蘇時間，優步的業務仍然處於有利地位。儘管第 4 季度重新實施了封鎖，但我們在 12 月份的公司總預訂量與去年同期相比幾乎持平，而 1 月份的總預訂量轉為正數。我們交付業務的嚴格執行和擴大規模使我們在第四季度將調整後的 EBITDA 同比提高了 1.61 億美元。

This quarter marks the completion of a series of portfolio actions that began in Q2, with the goal of focusing the company on its 2 massive core opportunities of Mobility and Delivery. We executed 17 transactions in 2020, including acquisitions that increase our run rate gross bookings by over $6 billion and divestitures of non-core operations that, combined with other cost optimization actions, reduced our annualized EBITDA losses by over $1 billion.

本季度標誌著從第二季度開始的一系列投資組合行動的完成，目標是讓公司專注於移動和交付這兩個巨大的核心機會。我們在 2020 年執行了 17 項交易，其中包括將我們的運行率總預訂量增加超過 60 億美元的收購以及非核心業務的剝離，再加上其他成本優化行動，我們的年化 EBITDA 損失減少了超過 10 億美元。

These transactions, coupled with disciplined operational execution and continued product innovation has put us on a stronger and more focused foundation heading into 2020. As such, we have increased confidence in our ability to reach breakeven this year while continuing to invest in long-term initiatives close to our core.

這些交易，加上嚴格的運營執行和持續的產品創新，使我們在進入 2020 年時打下更強大、更專注的基礎。因此，我們對今年實現盈虧平衡的能力更有信心，同時繼續投資於長期計劃接近我們的核心。

Looking ahead, our strategic priority in 2021 is to continue to harness the power that our platform that is multiple and growing product offerings can uniquely provide. Wherever you need to go, whatever you need to get, Uber can help. We believe our highly engaged consumer base on delivery will drive stronger mobility growth as cities reopen. On the flip side, we expect Mobility to become an increasingly powerful acquisition channel for our Delivery business.

展望未來，我們在 2021 年的戰略重點是繼續利用我們的平台提供的多種和不斷增長的產品提供的獨特功能。無論您需要去哪裡，無論您需要得到什麼，優步都能提供幫助。我們相信，隨著城市重新開放，我們高度參與交付的消費者基礎將推動更強勁的流動性增長。另一方面，我們預計 Mobility 將成為我們交付業務日益強大的收購渠道。

For instance, our redesigned Uber super app already generated more than 10% of first-time eaters in Q4. We plan to accelerate cross-platform usage through a renewed focus on our Uber Pass and Eat Pass membership programs. We believe these will only become more valuable as we add new benefits and verticals like pharmacy and alcohol. Memberships ramped up significantly in Q4 with over 5 million members across 16 countries, and we have aggressive global expansion plans in 2021.

例如，我們重新設計的 Uber 超級應用在第四季度已經吸引了超過 10% 的首次食客。我們計劃通過重新關注我們的 Uber Pass 和 Eat Pass 會員計劃來加速跨平台使用。我們相信，隨著我們增加新的福利和垂直領域，如藥房和酒類，這些只會變得更有價值。會員人數在第四季度顯著增加，在 16 個國家/地區擁有超過 500 萬會員，我們在 2021 年制定了積極的全球擴張計劃。

Now I'll dive into each of the core segments. First, Mobility, which continues to be affected by lockdowns around the world. Mobility GBS improved modestly in the fourth quarter, up 15% from Q3 levels but still down 47% year-on-year. In January, gross bookings were down 47% year-on-year, declining 10% month-on-month post-elevator holiday activity in December.

現在我將深入研究每個核心部分。首先是流動性，它繼續受到世界各地封鎖的影響。移動性 GBS 在第四季度略有改善，比第三季度的水平增長 15%，但仍同比下降 47%。 1 月份，總預訂量同比下降 47%，12 月份電梯假期後活動環比下降 10%。

We're seeing extremely encouraging trends in APAC and Latin America with growth bookings in those 2 regions down only 25% to 30% in January. Two of our largest markets, Brazil and Australia, were down only 10% to 20% in January, while Taiwan grew 16% year-on-year.

我們在亞太地區和拉丁美洲看到了非常令人鼓舞的趨勢，這兩個地區的增長預訂在 1 月份僅下降了 25% 至 30%。我們最大的兩個市場巴西和澳大利亞在 1 月份僅下降了 10% 至 20%，而台灣則同比增長了 16%。

The recovery in these markets demonstrate consumers' pent-up desire start moving again while Uber is continuing to gain share versus other modes of transportation. Over the next 6 months, we'll begin to prepare our business to go from preservation mode to reposition. This means investing in new Mobility products such as either reserve, rentals, transit, taxis and motorbikes and rolling out new segmented offerings like Uber Comfort. We will focus on reengaging riders for their second first trips and reengaging drivers to meet ramping demand. If we do these things right, and the public health situation improves as expected, we're bullish that we can deliver strong growth and expanding margins in the second half of the year.

這些市場的複蘇表明，消費者被壓抑的慾望再次開始轉移，而優步繼續獲得與其他交通方式相比的份額。在接下來的 6 個月裡，我們將開始準備我們的業務，從保存模式轉向重新定位。這意味著投資新的移動產品，如儲備、租賃、公交、出租車和摩托車，並推出新的細分產品，如 Uber Comfort。我們將專注於讓乘客重新參與他們的第二次首次旅行，並重新吸引司機以滿足不斷增長的需求。如果我們做對了這些事情，並且公共衛生狀況按預期改善，我們看好我們可以在下半年實現強勁增長和擴大利潤率。

Now turning to Delivery, where we continue to execute well against the massive expansion in the category. We narrowed our focus to market that we consider attractive and where we can win, and we're now #1 or #2 in nearly the entirety of our Delivery footprint. At the same time, we're scaling our next strategic leg of 10-plus year growth, expanding our offerings into adjacencies beyond food delivery and into broader instant on-demand local commerce.

現在轉向交付，我們繼續在該類別的大規模擴張中表現良好。我們將關注點縮小到我們認為有吸引力的市場以及我們可以贏得的市場，現在我們幾乎在整個交付足跡中排名第一或第二。與此同時，我們正在擴大我們下一個 10 年以上增長的戰略階段，將我們的產品擴展到食品配送以外的鄰近地區，以及更廣泛的即時按需本地商業。

Q4 gross bookings grew 128% and reached a $44 billion run rate in December. Revenue more than tripled and adjusted EBITDA margin as a percentage of revenue improved 100 points year-on-year. We've seen our business accelerate in January to over 150% year-on-year growth as the delivery continues to provide a natural hedge and lockdown. It's become clear that the pandemic has increased consumers' appetite for on-demand delivery of not just food, but all goods, and we take a major step to address this enormous opportunity.

第四季度的總預訂量增長了 128%，並在 12 月達到了 440 億美元的運行率。收入增長了兩倍多，調整後的 EBITDA 利潤率佔收入的百分比同比提高了 100 個百分點。由於交付繼續提供自然的對沖和鎖定，我們已經看到我們的業務在 1 月份加速增長，同比增長超過 150%。很明顯，這種流行病增加了消費者對按需提供食品和所有商品的需求，我們邁出了重要的一步來應對這個巨大的機會。

Our acquisition of Cornershop opened up grocery delivery for Uber, where we rapidly expanded globally. With Postmates, we bolstered our local commerce capability through their delivery-as-a-service offering that already counts Walmart, Apple and 7-Eleven as customers. In December, delivery-as-a-service, represented 18% of Postmates orders, and we intend to scale this out further along with our Uber Direct product.

我們對 Cornershop 的收購為 Uber 開啟了雜貨配送業務，我們在全球範圍內迅速擴張。借助 Postmates，我們通過他們的交付即服務產品增強了我們的本地商務能力，該產品已經將沃爾瑪、蘋果和 7-11 視為客戶。 12 月，交付即服務佔 Postmates 訂單的 18%，我們打算與我們的 Uber Direct 產品一起進一步擴大規模。

Last week, we announced our agreement to acquire Drizly, which will add the leading online alcohol marketplace to our portfolio. Drizly is growing at 300% year-on-year and is already profitable on an EBITDA basis. These new initiatives will remain an investment priority going forward. And in 2021, we expect to invest $200 million to $250 million pre-integration synergies to grow the business by meaningful multiples.

上週，我們宣布了收購 Drizly 的協議，這將為我們的產品組合增添領先的在線酒類市場。 Drizly 的年增長率為 300%，並且在 EBITDA 基礎上已經實現盈利。這些新舉措仍將是未來的投資重點。到 2021 年，我們預計將投資 2 億至 2.5 億美元的整合前協同效應，以實現有意義的倍數增長。

While we leaned into growth, we also made significant progress overall on overall delivery profitability. In Q4, we had 15 countries generating over $100 million of EBITDA on just over $2.5 billion of gross bookings. We remain confident that delivery will turn EBITDA profitable in 2021, although we will not hesitate to lean in during the first half of the year.

雖然我們傾向於增長，但我們在整體交付盈利能力方面也取得了重大進展。在第四季度，我們有 15 個國家/地區的 EBITDA 超過 1 億美元，總預訂額略高於 25 億美元。我們仍然相信交付將在 2021 年實現 EBITDA 盈利，儘管我們會在今年上半年毫不猶豫地進行調整。

While the external environment remains uncertain, I am more optimistic than ever about Uber's future. We've established the world's largest Mobility platform with a leading position in every major region that we operate in. In 5 years, we built the world's largest food delivery platform outside of China, which is growing substantially faster than the category and which we're using to expand into high potential adjacencies. These 2 platforms are synergistic and are powered by many common components, built by the most talented tech team in the business. We're lean, we're focused, and we're operating at global scale, and we will innovate relentlessly to make consumers' lives a bit easier as to create more earnings opportunities for drivers, couriers and our merchant partners. Uber is ready to go. Now over to Nelson for more details on the numbers.

雖然外部環境仍然不確定，但我對優步的未來比以往任何時候都更加樂觀。我們已經建立了世界上最大的移動平台，在我們經營的每個主要地區都處於領先地位。在 5 年內，我們在中國以外建立了世界上最大的外賣平台，該平台的增長速度大大超過了該類別，我們重新使用以擴展到高潛力的鄰接。這兩個平台具有協同作用，由許多通用組件提供支持，由業內最有才華的技術團隊構建。我們精益求精，專注，我們在全球範圍內運營，我們將不懈創新，讓消費者的生活更輕鬆，為司機、快遞員和我們的商業合作夥伴創造更多收入機會。優步準備出發了。現在轉到尼爾森以獲取有關數字的更多詳細信息。

Thanks, Dara. We continue to execute well against the tough operating environment for our Mobility business, investing for growth and delivery while improving total company adjusted EBITDA for both year-on-year and quarter-on-quarter.

謝謝，達拉。我們繼續在艱難的移動業務運營環境中表現出色，為增長和交付進行投資，同時提高公司調整後的 EBITDA 總額，同比和環比均有所改善。

During the quarter, we completed significant portfolio realignment actions, including our divestiture of ATG and acquisition of Postmates. I will now discuss key operational metrics as well as non-GAAP financial measures. All comparisons are year-over-year and on a constant currency basis, unless otherwise noted.

在本季度，我們完成了重大的投資組合重組行動，包括剝離 ATG 和收購 Postmates。我現在將討論關鍵的運營指標以及非 GAAP 財務指標。除非另有說明，否則所有比較均以固定貨幣為基礎進行逐年比較。

Total company gross bookings were down 4% but up 16% quarter-over-quarter. Revenue was $3.2 billion, down 15%, but up 13% quarter-over-quarter. Our revenue take rate was 18.5% of gross bookings, down 221 basis points year-over-year and down 62 basis points quarter-over-quarter as our business mix continue to shift towards delivery.

公司總預訂量下降 4%，但環比增長 16%。收入為 32 億美元，下降 15%，但環比增長 13%。我們的收入佔總預訂量的 18.5%，同比下降 221 個基點，環比下降 62 個基點，因為我們的業務組合繼續轉向交付。

Non-GAAP cost of revenue, excluding D&A, increased to 45% from 43% of revenues but down 177 on an absolute dollar basis, driven by lower volumes in our Mobility business.

非 GAAP 收入成本（不包括 D&A）從占收入的 43% 增加到 45%，但在我們的移動業務量下降的推動下，按絕對美元計算下降了 177。

Turning now to non-GAAP operating expenses, which exclude pro forma adjustments such as stock-based compensation and restructuring charges. Operations and support was down $123 million year-on-year, reflecting continued leverage from headcount reduction actions taken in the second quarter. Sales and marketing decreased $209 million as a result of lower marketing and promotion spend in our Mobility business.

現在轉向非公認會計原則的運營費用，其中不包括基於股票的薪酬和重組費用等備考調整。運營和支持同比減少 1.23 億美元，反映了第二季度採取的裁員行動的持續影響。由於我們移動業務的營銷和促銷支出減少，銷售和營銷減少了 2.09 億美元。

R&D was down $126 million, primarily driven by a decrease in headcount-related spend. G&A was the -- down $80 million year-on-year and quarter-on-quarter. Our spend decreased $10 million and improved as a percentage of revenue by 2 percentage points in continued top line recovery. Our Q4 2020 total company adjusted EBITDA loss was $454 million, improving $161 million year-over-year and $171 million quarter-over-quarter.

研發減少了 1.26 億美元，主要是由於與員工人數相關的支出減少。 G&A 同比和環比下降了 8000 萬美元。我們的支出減少了 1000 萬美元，在收入的持續恢復中佔收入的百分比提高了 2 個百分點。我們 2020 年第四季度的公司調整後 EBITDA 總虧損為 4.54 億美元，同比增加 1.61 億美元，環比增加 1.71 億美元。

Now I'll provide additional detail on our segments. Starting with Mobility. Mobility gross bookings was $6.8 billion improved 15% quarter-over-quarter, but was down 47% year-on-year and a revenue of $1.5 billion, improved 8% quarter-over-quarter, but was down 51% year-over-year. Revenue take rate of 21.7% declined 90 basis points year-over-year with a 40 basis point impact from a onetime driver litigation settlement in Q4 and with lower take rate geographies such as LatAm recovering faster than expected. Despite a significant headwind to our top line performance, Mobility adjusted EBITDA was $293 million or a 20% of Mobility revenue, improving $48 million quarter-over-quarter.

現在，我將提供有關我們細分市場的更多詳細信息。從移動性開始。移動總預訂額為 68 億美元，環比增長 15%，但同比下降 47%，收入為 15 億美元，環比增長 8%，但同比下降 51%年。 21.7% 的收入接受率同比下降 90 個基點，受第四季度一次性司機訴訟和解的影響 40 個基點，拉美等較低接受率地區的恢復速度快於預期。儘管我們的營收表現面臨重大阻力，但 Mobility 調整後的 EBITDA 為 2.93 億美元，佔 Mobility 收入的 20%，環比增長 4800 萬美元。

Now on to Delivery. We've seen continued tailwinds related to stay-at-home orders driving Delivery gross bookings to $10.1 billion, up 128%. We consolidated Postmates in December, which contributed 8 points to year-on-year growth. Delivery revenue of $1.4 billion, up 220%, significantly outpacing gross bookings growth. Delivery revenue take rate was 13.5%, up 391 basis points year-on-year and up 21 basis points quarter-on-quarter.

現在開始交付。我們看到與居家訂單相關的持續順風推動交付總預訂量達到 101 億美元，增長 128%。我們在 12 月合併了 Postmates，為同比增長貢獻了 8 個百分點。交付收入為 14 億美元，增長 220%，顯著超過總預訂量增長。交付收入接受率為 13.5%，同比上升 391 個基點，環比上升 21 個基點。

The year-over-year expansion was driven by higher basket sizes, improved network efficiencies and an increase in subscription revenue from Eats Pass. Additionally, we realized the 100 basis point benefit year-on-year from business model changes in some countries that reclassify certain payments and incentives as cost of revenue. Delivery adjusted EBITDA was a loss of $145 million, or negative 10.7% of revenue. That represents a $38 million, or 5.4 percentage point quarter-over-quarter improvement, respectively.

購物籃規模的擴大、網絡效率的提高以及 Eats Pass 訂閱收入的增加推動了同比增長。此外，我們從一些國家的商業模式變化中實現了 100 個基點的同比收益，這些國家將某些支付和激勵措施重新分類為收入成本。交付調整後的 EBITDA 虧損 1.45 億美元，佔收入的 10.7%。這分別代表了 3800 萬美元，即環比增長 5.4 個百分點。

Now on to Freight, which grew revenue 43% year-on-year to $313 million and adjusted EBITDA loss was $41 million. Freight EBITDA margin improved 12 percentage points quarter-over-quarter and year-on-year. Market rates remained elevated in Q4, putting constrained pressure on both industry margins and shipper supply chains. In this challenging environment, we've seen strong adoption of our digital offering, like API book loads and Uber Freight enterprise. Technology enables to provide shippers real-time and transparent access to carriers. And as a result, we saw a 45% quarter-on-quarter increase in active user bases of these products.

現在是貨運，收入同比增長 43% 至 3.13 億美元，調整後的 EBITDA 虧損為 4100 萬美元。貨運 EBITDA 利潤率環比和同比增長 12 個百分點。第四季度市場費率仍然居高不下，給行業利潤率和托運人供應鏈帶來了壓力。在這個充滿挑戰的環境中，我們已經看到我們的數字產品得到廣泛採用，例如 API 圖書加載和 Uber Freight 企業。技術使托運人能夠實時和透明地訪問承運人。結果，我們看到這些產品的活躍用戶群環比增長了 45%。

Additionally, Freights technology now provides for automated visibility into nearly 80% of loads moved, resulting in better service at lower operating costs. We feel good about the progress that Freight business is making, and we are encouraged by the numerous awards the team has won for service and technology from both industry pundits and our larger shippers.

此外，貨運技術現在可以自動查看近 80% 的移動負載，從而以更低的運營成本提供更好的服務。我們對貨運業務所取得的進展感到滿意，並且我們對團隊從行業專家和我們的大型托運人那裡獲得的眾多服務和技術獎項感到鼓舞。

On to ATG and other technology programs, the adjusted EBITDA loss for the quarter was $72 million. As a reminder, we divested ATG and Uber Elevate during the quarter, with both transactions closing in January. Our Q4 2020 corporate G&A and platform R&D of $489 million, which represents the G&A and R&D not allocated to one of our segments, improved 24% year-on-year and slightly improved quarter-over-quarter on an absolute basis. As a percentage of total revenue, corporate G&A and platform R&D improved 3 percentage points quarter-over-quarter as we saw fixed cost leverage.

對於 ATG 和其他技術項目，本季度調整後的 EBITDA 虧損為 7200 萬美元。提醒一下，我們在本季度剝離了 ATG 和 Uber Elevate，這兩筆交易都在 1 月份完成。我們 2020 年第四季度的企業 G&A 和平台研發為 4.89 億美元，代表未分配給我們某個細分市場的 G&A 和研發，同比增長 24%，在絕對基礎上環比略有改善。由於我們看到固定成本槓桿，企業 G&A 和平台研發佔總收入的百分比環比提高了 3 個百分點。

In terms of liquidity, we ended the quarter with approximately $6.8 billion of unrestricted cash, cash equivalents and short-term investments and have access to over $2 billion from our revolver providing us with ample liquidity to manage through the recovery ahead.

在流動性方面，我們在本季度末擁有約 68 億美元的非限制性現金、現金等價物和短期投資，並從我們的左輪手槍中獲得超過 20 億美元，為我們提供充足的流動性來應對未來的複蘇。

Based on January trends, I'll provide a few comments around our expectations for Q1 performance. In January, Mobility gross bookings we're at a $25 billion annualized run rate, down 47% year-on-year on a constant currency basis or down 49% on a reported basis. COVID-based loads remain elevated with associated movement restrictions in many of our largest markets, including the U.S., the U.K., Canada and France. We are targeting Mobility take rate relatively flat quarter-over-quarter, consistent with normal seasonality. And although market mix based on COVID cases may impact take rate positively or negatively.

根據 1 月份的趨勢，我將圍繞我們對第一季度業績的預期發表一些評論。 1 月份，Mobility 的總預訂量為 250 億美元的年化運行率，按固定匯率計算同比下降 47%，或在報告的基礎上下降 49%。在我們的許多最大市場，包括美國、英國、加拿大和法國，基於 COVID 的負載仍然很高，並受到相關的行動限制。我們的目標是流動性採取率相對穩定的季度環比，與正常的季節性一致。儘管基於 COVID 案例的市場組合可能會對採取率產生積極或消極的影響。

Turning to Delivery, we'll provide some color around quarter-over-quarter EBITDA progression expectations. Given the continued influx of new consumers to the category, particularly in markets like Europe, we are continuing to lean into delivery opportunities, including with incremental brand marketing spend, customer acquisition spend, as well as investments in our growing grocery and other new verticals.

談到交付，我們將圍繞季度環比 EBITDA 進展預期提供一些顏色。鑑於新消費者不斷湧入該類別，特別是在歐洲等市場，我們將繼續利用交付機會，包括增加品牌營銷支出、客戶獲取支出，以及對我們不斷增長的雜貨店和其他新垂直領域的投資。

In Q4, incremental spend for Grocery Postmates was offset by one-off benefits. During Q1, we expect incremental investment of roughly $40 million to $50 million towards Postmates, groceries and other new verticals. For Postmates, in particular, we expect to narrow the losses as we move through integration and remain on track to delivering the $200-plus million at run rate synergy goals we disclosed last year.

在第四季度，Grocery Postmates 的增量支出被一次性福利所抵消。在第一季度，我們預計對 Postmates、雜貨和其他新垂直領域的增量投資約為 4000 萬至 5000 萬美元。特別是對於 Postmates，我們希望通過整合來縮小損失，並繼續按我們去年披露的運行率協同目標實現 200 多萬美元。

As we progress throughout the year, the Delivery EBITDA should improve significantly, and we remain confident in achieving breakeven at some point in 2021.

隨著我們全年的進展，交付 EBITDA 應該會顯著改善，我們仍然有信心在 2021 年的某個時候實現盈虧平衡。

Putting it all together, we expect total company gross bookings to return to year-on-year growth in Q1 despite the current COVID impacts in Mobility as Delivery continues to drive strong growth. Based on current Mobility gross booking levels and anticipated delivery investments, we expect Uber's Q1 adjusted EBITDA to be flat or down quarter-over-quarter before we start seeing meaningful improvement throughout the rest of the year.

綜上所述，我們預計第一季度公司總預訂量將恢復到同比增長，儘管當前 COVID 對移動性的影響，因為交付繼續推動強勁增長。根據當前 Mobility 的總預訂水平和預期的交付投資，我們預計優步第一季度調整後的 EBITDA 將與上一季度持平或下降，然後我們才能在今年餘下時間開始看到有意義的改善。

We are pleased with the progress we've made in the last year. Uber is now on a stronger footing with a strong liquidity position of nearly $7 billion in cash. And while the bulk of our portfolio rational actions are behind us, we will continue to focus on activities that drive value to our shareholders, including monetizing our equity stakes as we have done recently with a small portion of our DiDi stake and executing strategic transactions such as Drizly. We remain on track to turn the EBITDA profitable in 2021, and we are confident that Uber can deliver sustained strong top line growth as we move past the pandemic. And with that, we'll open it up for questions.

我們對去年取得的進展感到高興。優步現在擁有近 70 億美元現金的強勁流動性頭寸，地位更加穩固。雖然我們投資組合的大部分理性行動已經過去，但我們將繼續專注於為股東創造價值的活動，包括將我們的股權貨幣化，就像我們最近用我們的一小部分滴滴股份所做的那樣，以及執行戰略交易，例如作為 Drizly。我們仍有望在 2021 年實現 EBITDA 盈利，我們相信優步能夠在疫情過後實現持續強勁的營收增長。有了這個，我們將打開它的問題。

(Operator Instructions) Your first question comes from the line of Justin Post with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Justin Post。

Great. I hope you can hear me okay, I'm actually in an Uber, I got back. A couple of questions. I guess first...

偉大的。我希望你能聽到我說的話，我實際上在 Uber 裡，我回來了。幾個問題。我想首先...

Justin, you can ask questions from an Uber anytime.

賈斯汀，你可以隨時向優步提問。

It sounds like some of your -- more of your markets have turned profitable for delivery. So I'm guessing, what is enabling that. Is it scale? Are you finding operational efficiencies? And are any markets at your long-term target?

聽起來你的一些——更多的市場已經開始盈利。所以我猜，是什麼促成了這一點。是規模嗎？您是否正在尋找運營效率？您的長期目標是否有任何市場？

And then I guess a second question, just how are trends in the U.S.? Obviously, you're going to be compared to your public comps. Just how are you doing on delivery and rides in the U.S. market share-wise?

然後我想第二個問題，美國的趨勢如何？顯然，您將被與您的公眾比較。您在美國市場份額方面的交付和乘車情況如何？

Yes, sure. I think it's basically on delivery, the general business is scaling as our -- as we bring more restaurants onto the platform, as we bring more eaters on to the platform, more couriers onto the platform. Essentially, we get to drive network for density. As the network gets more dense, essentially a courier has less mouth to cover for the average delivery, and our algorithms are getting smarter in terms of routing, in terms of wait time with restaurants and optimizing every last percentage in order to drive cost per transaction efficiency, which then helps our net revenue. And also really helps carrier earnings because they are being productive a higher percentage of the time that they are on network.

是的，當然。我認為它基本上是送貨上門，一般業務正在隨著我們的發展而擴大——隨著我們將更多的餐館帶到平台上，隨著我們將更多的食客帶到平台上，更多的快遞員到平台上。從本質上講，我們可以推動網絡密度。隨著網絡變得越來越密集，基本上快遞員在平均交付方面的嘴巴越來越少，而且我們的算法在路由、餐廳等待時間和優化每個最後一個百分比方面變得更加智能，以提高每筆交易的成本效率，然後有助於我們的淨收入。而且也確實有助於運營商的收入，因為他們在網絡上的工作時間比例更高。

That, in addition to just the business scaling up, right, if you're tripling revenue, I can tell you that we're certainly not tripling headcount or tripling overheads. So you just have revenue synergy, which is pretty beneficial. And we continue also to benefit from basket-size increases. And as basket size increase, the cost of the delivery stays the same. And again, that accrues to margin as well.

除了業務規模擴大之外，對了，如果你的收入增加了三倍，我可以告訴你，我們肯定不會將員工人數增加三倍或將管理費用增加三倍。所以你只有收入協同效應，這是非常有益的。我們也繼續受益於籃子規模的增加。隨著籃子尺寸的增加，送貨成本保持不變。同樣，這也會產生保證金。

So I would say there's not a single element that is responsible for the improvement in margins, but it's many elements coming together. And frankly, it's the team and the technology focused on continuing to drive hyper efficiency and in every part of the business.

所以我會說沒有一個單一的元素可以提高利潤率，而是許多元素結合在一起。坦率地說，是團隊和技術專注於繼續推動超高效率和業務的每個部分。

I think the last part I would say is that, as your customer base -- as your established customer base becomes a higher percentage of your overall customer base, you've seen us increase our membership base from 1 million to 5 million, as you get a higher percentage of members, as you get a higher percentage of customers who have been with you for a period of time, your marketing costs should come down as a percentage of bookings or revenue. We're not there yet. We're leaning in. But I think that as I look forward 2, 3, 4 years on the Delivery business, there's more efficiency. But right now, we're finding a lot of new customers. And on the marketing side, generally, we are leading in and also getting the additional benefit of new leaders through our Mobility business.

我想我要說的最後一部分是，作為您的客戶群——隨著您已建立的客戶群在您的整體客戶群中所佔的比例越來越高，您已經看到我們的會員群從 100 萬增加到 500 萬，因為您獲得更高比例的會員，隨著您獲得在一段時間內與您在一起的客戶比例更高，您的營銷成本應作為預訂或收入的百分比下降。我們還沒有。我們正在努力。但我認為，當我展望交付業務的 2、3、4 年時，效率會更高。但現在，我們正在尋找很多新客戶。在營銷方面，一般來說，我們正在通過我們的移動業務領先並獲得新領導者的額外好處。

As far as the trends versus other players in the U.S., I'd say that no surprise, it's obviously, Lyft, who's our largest competitor, released their numbers yesterday. I would say that there are no surprises as it relates to their numbers. They're a strong operator. And I would say that generally, we see our trends roughly comparable to their trends. Although from the insurance side, we've been pretty consistent in executing well there. So we kind of don't have these surprises, so to speak.

至於與美國其他參與者的趨勢，我想說這並不奇怪，很明顯，我們最大的競爭對手 Lyft 昨天公佈了他們的數據。我想說，這與他們的人數有關，這並不奇怪。他們是一個強大的運營商。我想說的是，一般來說，我們認為我們的趨勢與他們的趨勢大致相當。儘管從保險方面來看，我們在那裡的表現一直很穩定。所以我們有點沒有這些驚喜，可以這麼說。

As it relates to the Delivery business, we are in the U.S., growing at very significant rates, triple-digit rates. We see January trends in the U.S. actually improving over already strong trends that we saw in Q4. We can't exactly tell how we're doing versus all of our competition in the U.S. But we think that we're more than holding our own. And frankly, there's more to do there with a real focus being on improving our restaurant selection, which I think holds significant upside for us.

由於它與交付業務有關，我們在美國，以非常顯著的速度增長，三位數的速度。我們看到美國 1 月份的趨勢實際上比我們在第四季度看到的強勁趨勢有所改善。我們無法準確說出與美國所有競爭對手相比我們的表現如何。但我們認為我們不僅僅是擁有自己的。坦率地說，還有更多工作要做，真正的重點是改善我們的餐廳選擇，我認為這對我們來說有很大的好處。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one, Dara, with all the cost reductions and the adjustments you made to the business throughout 2020, and now with the Rides business kind of continuing to evolve, how do you think about sort of the long-term rides profitability now? Do you sort of remove those costs and the mix of the business continues evolving?

我有 2 個。第一個，Dara，隨著整個 2020 年您對業務的所有成本降低和調整，現在隨著遊樂設施業務的不斷發展，您如何看待長期遊樂設施的盈利能力現在？您是否會消除這些成本並且業務組合會繼續發展？

And the second question on Uber Pass, and you can share with us about frequency or user behavior of Uber Pass members versus nonmembers. And then you mentioned sort of being more aggressive to drive adoption. What types of strategies have you not yet really deployed to drive that growth of that Uber Pass?

關於優步通行證的第二個問題，您可以與我們分享優步通行證會員與非會員的頻率或用戶行為。然後你提到要更積極地推動採用。您尚未真正部署哪些類型的策略來推動 Uber Pass 的增長？

Yes. I'll start with Uber Pass, then I'll have Nelson talk about the long-term P&L. As far as Uber Pass goes, listen, we are very early in the development of Pass. I mean we started meeting into Pass middle of last year. We built that Eats Pass essentially on influx that the mainline Uber Pass team had built. And as a result, you see pretty significant acceleration. I think the last time we talked to you, we had 1 million paid members, and we got 5 million total members with that number expected to go up very significantly in 2021. While I don't want to give away competitive information, the frequency of Pass members is significantly higher than the frequency of non-Pass members.

是的。我將從 Uber Pass 開始，然後讓 Nelson 談談長期損益。就 Uber Pass 而言，聽著，我們還處於 Pass 開發的早期階段。我的意思是我們在去年年中開始在 Pass 會面。我們在主線 Uber Pass 團隊建立的大量湧入基礎上構建了 Eats Pass。結果，您會看到相當顯著的加速。我認為上次我們與您交談時，我們有 100 萬付費會員，我們總共有 500 萬會員，預計到 2021 年這個數字會顯著增加。雖然我不想透露競爭信息，但頻率Pass 會員的頻率明顯高於非 Pass 會員的頻率。

So going out and acquiring Pass members is, while it may be unprofitable in period. If you look at the frequency increases and apply them to some reasonable lifetime value estimates, this becomes a very, very strong profit pool for us that either we can pull to the bottom line or we can use to reinvest in other appropriate markets. With that, Nelson, do you want to talk on margins?

所以出去獲取通行證會員是，雖然在一段時間內可能是無利可圖的。如果您查看頻率增加並將其應用於一些合理的終生價值估計，這對我們來說將成為一個非常非常強大的利潤池，我們可以將其拉到底線，或者我們可以用來再投資於其他合適的市場。有了這個，尼爾森，你想談談利潤嗎？

Yes. So Brian, we haven't updated our long-term margin. But again, we believe we'll continue to make progress towards it. And as you know, even given the COVID restrictions, as you heard in my prepared comments, we were at 20% in Mobility in the fourth quarter. As you know, in the first quarter of last year, we were at higher -- around 30% and so we're pretty confident in our ability to do that.

是的。所以布萊恩，我們還沒有更新我們的長期利潤率。但同樣，我們相信我們將繼續朝著這個目標前進。如您所知，即使考慮到 COVID 限制，正如您在我準備好的評論中所聽到的那樣，我們在第四季度的移動性佔 20%。如您所知，在去年第一季度，我們的比例更高——大約 30%，因此我們對我們做到這一點的能力非常有信心。

The incremental margins we're seeing are kind of in the mid-40s versus Q3. And again, a lot of it just has to do with us continuing to leverage against and get the efficiencies against our fixed cost base. And so we're pretty optimistic that as we get more COVID recovery, as people start moving, that -- we think we're very bullish in terms of the profitability profiles for our Mobility business.

與第三季度相比，我們看到的增量利潤率在 40 年代中期。再說一次，其中很多只是與我們繼續利用我們的固定成本基礎並提高效率有關。因此，我們非常樂觀地認為，隨著人們開始遷移，隨著我們獲得更多的 COVID 恢復，我們認為我們非常看好我們移動業務的盈利能力。

The other factor to add there is, Nelson and I are constantly managing the business based on portfolio of kind of profits and opportunities. And while we talk about the delivery business and rightly so, based on the growth of that business right now, as it relates to Mobility, when we look at the Germanys of the world, Japan, Argentina, new markets to get into, as we look at the opportunity to power taxi technology and hailables in general, when we think about the opportunity of shared rides when things open up, and then we look at our transit team, there are many, many growth opportunities in the Mobility segment. So I do think that we will take some of the incremental margins that we see in Mobility and reinvest in growth opportunities because we expect our Mobility business to grow at very attractive rates for years and years and years.

要補充的另一個因素是，尼爾森和我不斷地根據各種利潤和機會來管理業務。雖然我們談論交付業務是正確的，但基於目前該業務的增長，因為它與移動性有關，當我們看到世界上的德國、日本、阿根廷，進入新市場時，因為我們看看為出租車技術和應召車提供動力的機會，當我們考慮到共享乘車的機會時，再看看我們的交通團隊，在移動領域有很多很多的增長機會。因此，我確實認為我們將利用我們在移動領域看到的一些增量利潤並重新投資於增長機會，因為我們預計我們的移動業務將以非常有吸引力的速度增長多年。

And I think we're one of the few companies around that can afford to invest in those areas. And I think taxis are going to want more demand. Obviously, you've heard about transit needing help in terms of tech and in terms of cost effectiveness. And we want to help. We want to be part of the solution, but it's also a great opportunity for us.

我認為我們是少數有能力在這些領域投資的公司之一。我認為出租車將需要更多需求。顯然，您已經聽說過交通運輸在技術和成本效益方面需要幫助。我們想提供幫助。我們希望成為解決方案的一部分，但這對我們來說也是一個很好的機會。

And Brian, last thing that I -- Brian, actually, one last thing is I would say that you've heard us talk in the past about where we see recovery. In the past, we talked about being 10% or 20% down in terms of getting towards breakeven. And so obviously, we have more room now because of the actions we took. And so again, we're feeling much better about it. But as Dara said, we are going to take some of that profitability and invest back in. So it doesn't necessarily change the full year outlook on when we're going to achieve total company profitability, but we certainly have more degrees of freedom. And so again, Dara covered and we covered in our prepared remarks, all the actions we took last year. And so we feel very good about how we're set up moving forward.

布賴恩，我最後一件事——布賴恩，實際上，最後一件事是我會說你過去曾聽我們談論過我們看到的恢復情況。過去，我們談到在實現盈虧平衡方面要下降 10% 或 20%。很明顯，由於我們採取的行動，我們現在有更多的空間。同樣，我們對此感覺好多了。但正如 Dara 所說，我們將收回部分盈利能力並重新投資。因此，這並不一定會改變我們何時實現公司總盈利能力的全年展望，但我們當然有更多的自由度.再一次，Dara 涵蓋了我們在準備好的評論中涵蓋了我們去年採取的所有行動。因此，我們對前進的方式感覺非常好。

Your next question comes from the line of Eric Sheridan with UBS.

您的下一個問題來自瑞銀的 Eric Sheridan。

Maybe a few on the concept of what you've already seen in some of the markets with Mobility that have started to improve. Curious, just maybe following up on the last answer and some of the comments you made in the prepared remarks. Just what form is that taking in either stoking demand, growing or retaining the user base on the customer side as opposed to investing more heavily on the supply side and investing a deepening on the supply side in the markets that have recovered and/or have started the process of recovery? And how should we be thinking about that being applied more globally and what we should be watching for in terms of the form those investments might take?

也許您已經在一些移動性市場中看到了一些概念，這些市場已經開始改善。好奇，也許只是跟進最後一個答案和您在準備好的評論中所做的一些評論。什麼樣的形式是在客戶方面增加需求、增加或保留用戶群，而不是在供應方面進行更多投資並在已經恢復和/或已經開始的市場中深化供應方面恢復過程？我們應該如何考慮在全球範圍內更廣泛地應用它，以及我們應該關注這些投資可能採取的形式？

Sure, Eric. I think that the team that we have on the Mobility side is -- has dealt with the significant changes in volumes in Mobility and a pretty incredible rate, right? Like Q2, we were able to drive segment EBITDA profitability. So as the markets come back, one is that we're seeing both social use cases come back. So social use cases have been a bunch of the markets that have come back are like over 100% year-on-year and workday community uses come back. The only use case that hasn't come back is the airport. And the teams are very closely watching the balance between supply; drivers, who are coming on to the platform; and demand, which are our riders who are also coming back onto the platform.

當然，埃里克。我認為我們在 Mobility 方面擁有的團隊已經處理了 Mobility 數量的顯著變化和令人難以置信的速度，對吧？與第二季度一樣，我們能夠推動部門 EBITDA 盈利能力。因此，隨著市場的回歸，我們看到兩種社交用例都回歸了。因此，社交用例是一堆回歸的市場，同比增長超過 100%，工作日社區使用回歸。唯一沒有回來的用例是機場。團隊正在密切關注供應之間的平衡；即將登上平台的司機；和需求，這是我們的騎手，他們也將回到平台上。

And what's really exciting is that the coronavirus and everything that's happened, it's actually changed the nature of some of our riders using the Mobility use case. So if you look at, for example, Brazil, we are at 90-plus percent recovery in Brazil, yet 30% of our riders, who happen to be very, very high-value riders, hasn't even come back. So our business is already 90% back and then 30% of high-value riders, of total riders who happen to be very high value, they haven't even started to ride again. So we're seeing some pretty attractive signs. The team has been able to balance the marketplace pretty effectively.

真正令人興奮的是，冠狀病毒和所發生的一切，實際上改變了我們使用 Mobility 用例的一些騎手的性質。因此，如果您以巴西為例，我們在巴西的恢復率為 90% 以上，但我們 30% 的車手（碰巧是非常非常高價值的車手）甚至還沒有回來。所以我們的業務已經恢復了 90%，然後是 30% 的高價值騎手，在碰巧非常高價值的總騎手中，他們甚至還沒有開始騎車。所以我們看到了一些非常有吸引力的跡象。該團隊已經能夠非常有效地平衡市場。

I do think that I'm worried about one thing going into the second half of the year is, are we going to have enough drivers to meet the demand that we're going to have in the Mobility segment. But I think this team has proven himself over and over again. And as the Mobility business comes back, we will look to continue to fund some of the new use cases, hailables, transit, et cetera. But frankly, we've been doing that anyway because those kinds of long-term bets are bets that we should be pushing during good or bad times. Does that answer your question, Eric?

我確實認為我擔心進入下半年的一件事是，我們是否會有足夠的司機來滿足我們在移動領域的需求。但我認為這支球隊已經一次又一次地證明了自己。隨著移動業務的回歸，我們將繼續為一些新的用例、應召車、交通等提供資金。但坦率地說，我們一直在這樣做，因為這些長期賭注是我們應該在好的或壞的時期推動的賭注。這能回答你的問題嗎，埃里克？

It does.

確實如此。

Your next question comes from the line of Ross Sandler with Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

A couple of questions on Delivery. We've heard some grumblings about increased competition in each business in the U.K., Japan and Australia. So has your outlook changed at all for those 3 big countries? Are they still on track for breakeven? And is that $40 million of incremental investment, is that for each? Or is that for these adjacencies like Cornershop and Postmates, et cetera?

關於交付的幾個問題。我們聽到了一些關於英國、日本和澳大利亞各行業競爭加劇的抱怨。那麼，您對這三個大國的看法是否發生了變化？他們是否仍處於盈虧平衡的軌道上？那是 4000 萬美元的增量投資嗎？還是像 Cornershop 和 Postmates 等這樣的鄰接？

And then the second one is Drizly, from what we understand, this is an ad marketplace, you kind of breakeven on the transaction and then the EBITDA is coming from the advertising side. So I guess, how does that fit in? And then are there any practices that they're doing that could be applied to Cornershop, Eats or the rest of Uber?

然後第二個是 Drizly，據我們了解，這是一個廣告市場，你在交易上有點收支平衡，然後 EBITDA 來自廣告方面。所以我想，這如何適應？然後他們正在做的任何做法可以應用於 Cornershop、Eats 或 Uber 的其他部分嗎？

Got it. I'll let Nelson talk about the investment. But as far as the competitive environment goes, listen, the only environment we've known in Delivery is competitive. We were relatively late to the game. There were a bunch of market players who had already been, in some cases, incumbent. And I think based on the results that you're seeing, we are able to make progress, grow the business, grow faster than the category and improve margins.

知道了。我會讓尼爾森談談投資。但就競爭環境而言，聽著，我們在交付中所知道的唯一環境就是競爭。我們參加比賽的時間相對較晚。在某些情況下，有很多市場參與者已經在位。而且我認為根據您所看到的結果，我們能夠取得進展，發展業務，增長速度超過類別並提高利潤率。

And I think that speaks to the power of the platform. It speaks to the fact that we have access to many, many common components as it relates to our tech platform, our identity platform, risk, insurance, et cetera. And it speaks to the power of the Uber brand and of teams who are local and understand market deeply. So I wouldn't characterize the competitive environment as getting any better or worse. I would characterize it as continuing to be intense, but it's been that way since we started. Nelson, do you want to talk through investment?

我認為這說明了平台的力量。它說明了這樣一個事實，即我們可以訪問許多與我們的技術平台、身份平台、風險、保險等相關的通用組件。它說明了 Uber 品牌的力量，以及深入了解市場的本地團隊的力量。因此，我不會將競爭環境描述為變得更好或更糟。我將其描述為繼續激烈，但從我們開始就一直如此。尼爾森，你想談談投資嗎？

Sure. So in terms of the investment, I think, we said there was going to be probably an incremental $40 million to $50 million in the first quarter, and that is for Postmates groceries as well as other adjacencies. In terms of your question on, specifically around food delivery, again, you've heard us talk in the past, we have a capital allocation model. We go through it every month. We continue to lean and invest and grow. You are right. We are in very competitive marketplaces, as Dara mentioned, but we believe we're winning in places like the U.K. and Japan, where we're seeing high triple-digit type of growth what we saw in the quarter, and we are continuing to improve the economics.

當然。因此，就投資而言，我認為，我們說第一季度可能會增加 4,000 萬至 5,000 萬美元，這是用於 Postmates 雜貨店以及其他鄰近地區的。關於你的問題，特別是關於食品配送的問題，你也聽過我們過去的談話，我們有一個資本分配模型。我們每個月都會經歷它。我們繼續精益、投資和成長。你說的對。正如 Dara 所提到的，我們處於競爭非常激烈的市場，但我們相信我們在英國和日本等地取得了勝利，我們在這些地方看到了我們在本季度看到的三位數的高增長，我們將繼續改善經濟。

And then obviously, there are some marketplaces like the Australia, as you called out and others that we've called out in the past in terms of not just being very, very strong from a top line perspective, but also very good from a margin perspective as well.

然後很明顯，有一些市場，比如澳大利亞，正如你所說的那樣，以及我們過去曾提到的其他市場，不僅從收入的角度來看非常非常強大，而且從利潤的角度來看也非常好觀點也是如此。

And we can agree like that, but the number of markets that are profitable, that then we can use to either reinvest or we can use to increase our overall profit profile. Just the quantum number of markets is increasing and the dollars that those markets are contributing to the P&L are also improving. So those are good trends. But again, it's within the context of a very competitive marketplace. And with these kinds of category growth, I certainly wouldn't count on it getting any better.

我們可以這樣同意，但盈利的市場數量，然後我們可以用來再投資或我們可以用來增加我們的整體利潤狀況。只是市場的數量在增加，這些市場對損益的貢獻也在增加。所以這些都是好的趨勢。但同樣，它是在競爭激烈的市場背景下進行的。隨著這些類別的增長，我當然不會指望它會變得更好。

And then the only thing I would add is that I think you heard in my prepared remarks, we will deliver against the $200 million of synergies in Postmates when we announced the transaction. And so as those synergies come in, again, it will be less in terms of the drag as it is in the first quarter. But again, as Dara mentioned, there are some areas that we will continue to invest for growth.

然後我唯一要補充的是，我想你在我準備好的講話中聽到了，當我們宣布交易時，我們將在 Postmates 中實現 2 億美元的協同效應。因此，當這些協同作用再次出現時，就阻力而言，它會像第一季度那樣減少。但是，正如 Dara 所提到的，我們將繼續投資一些領域以實現增長。

Your next question comes from the line of Mark Shmulik with Bernstein.

您的下一個問題來自 Mark Shmulik 和 Bernstein 的觀點。

A couple, if I may. The first, just wanted to follow-up on Eric's question. One of the things that you mentioned are in some of those international markets like Australia, where 30% of those super users haven't returned. Can you share a little bit of color on...

如果可以的話，一對夫婦。第一個，只是想跟進埃里克的問題。您提到的其中一件事是在澳大利亞等一些國際市場，其中 30% 的超級用戶尚未返回。可以分享一點點顏色嗎...

Sorry, that was Brazil, to be specific.

抱歉，具體來說，那是巴西。

Sorry, Brazil. Yes. Can you share color on who is kind of driving that demand? Is it just other kind of returning users? Or any kind of cross-sell that you're seeing from kind of the delivery side is the customer acquisition channel?

對不起，巴西。是的。你能分享一下誰在推動這種需求嗎？只是其他類型的回訪用戶嗎？或者您從交付方面看到的任何交叉銷售是客戶獲取渠道？

And then second question, just I think you called it the super app. And as we just kind of look ahead, any updates on the road map there and the timing on how you think about integrating the different pieces into that super app?

然後是第二個問題，我認為你稱它為超級應用程序。我們只是向前看，那裡的路線圖有任何更新，以及您如何考慮將不同部分集成到該超級應用程序中的時間安排？

Sure. In terms of the user base, I think that it's increasingly become apparent that Uber, as a transportation platform, is recovering faster than other transportation offerings in most of the markets in which we operate. And I think it reflects the investment that we made in safety, the technology that we invest in to make sure that drivers are masked up. And the trust that investors have -- sorry, that riders have in the platforms that we're building. So we see our service come back faster than taxi. In many cases, we see our volumes come back faster than transit. And it's because of consumer trust and it's because of investments that we're making.

當然。就用戶群而言，我認為越來越明顯的是，Uber 作為一個交通平台，在我們經營的大多數市場中，其恢復速度都快於其他交通服務。我認為這反映了我們在安全方面的投資，我們投資的技術是為了確保司機被掩蓋。以及投資者的信任——對不起，車手對我們正在建立的平台的信任。所以我們看到我們的服務比出租車恢復得更快。在許多情況下，我們看到我們的交易量比運輸量恢復得更快。這是因為消費者的信任，也是因為我們正在進行的投資。

So we are seeing new customer acquisition. It's a customer base that tends to be a bit more price-sensitive. So generally, I would tell you that our trips are growing faster than bookings, generally, if you look at many of these markets. And the consumer who -- there's a set of consumers. We're lucky enough who don't need to go to work that can work remotely, that's the consumer who hasn't come back. And when that consumer comes back, we think it will be an enormous tailwind because we'll have a bunch of new customers who have switched over from other forms of transportation, and then we'll have our loyal base coming back as well. So we think the setup is actually a pretty good setup.

所以我們看到了新的客戶獲取。這是一個對價格更加敏感的客戶群。所以一般來說，我會告訴你，我們的旅行增長速度快於預訂量，一般來說，如果你看看這些市場中的許多。還有消費者——有一組消費者。我們很幸運，不需要上班就能遠程工作，那就是沒有回來的消費者。當該消費者回來時，我們認為這將是一個巨大的順風，因為我們將擁有一群從其他形式的交通工具轉換過來的新客戶，然後我們的忠實基礎也會回來。所以我們認為這個設置實際上是一個非常好的設置。

I think one factor that has been a little bit surprising to us is that we've also seen non-urban riders come onto the platform with new use cases, et cetera. So in many -- and many times, we've seen core come back, we've seen kind of the outer boroughs come back, but we've also seen suburbs come back as well. And again, I think it's because we're trusted form of transportation, you get a lot of information regarding our platform, and we've invested in, I think we're seeing the results of those investments. What was the second question again?

我認為讓我們有點驚訝的一個因素是，我們還看到非城市騎手帶著新的用例進入平台，等等。所以在很多次——很多時候，我們看到核心區回來了，我們已經看到了外圍行政區回來了，但我們也看到郊區也回來了。再說一次，我認為這是因為我們是值得信賴的交通方式，你會得到很多關於我們平台的信息，而且我們已經投資了，我認為我們正在看到這些投資的結果。第二個問題又是什麼？

Just around the super app and the time line and road map.

就在超級應用程序和時間線和路線圖周圍。

I don't -- again, I don't want to give away the road map, that's competitive. But the team is -- I'd say there are 2 factors as it relates to the road map. One is that we're adding more categories. And as a result, you will see a super app that is more complete. And then just as important as adding more categories, is that we are adding -- we're using machine learning technology to make sure that the choices that we surface to you as either a rider or an eater are the best, most personalized choices.

我不 - 再說一次，我不想放棄路線圖，那是有競爭力的。但是團隊是——我想說有兩個因素與路線圖有關。一是我們正在添加更多類別。結果，您將看到一個更完整的超級應用程序。然後與添加更多類別同樣重要的是，我們正在添加——我們正在使用機器學習技術來確保我們作為騎手或食客呈現給您的選擇是最好的、最個性化的選擇。

And as you can imagine, we have more data than anyone else in the field. We understand not only use it within Mobility and within Delivery, but across the two. So the combination of more choice and more personalization, we think, is pretty powerful. And the 10% of new eaters that I pointed out in Q4, that was with the super app being available for the first quarter in Android. So like that number is going to go up. And what we haven't really driven is Delivery back to Mobility in a big way. Our focus has been more Mobility and Delivery, but we see real potential as far as Delivery to Mobility or delivery to alcohol or delivery to grocery and those are all areas that we're focused on.

正如您可以想像的那樣，我們擁有比該領域其他任何人都多的數據。我們了解不僅在 Mobility 和 Delivery 中使用它，而且在兩者之間使用它。因此，我們認為，更多選擇和更多個性化的結合是非常強大的。我在第四季度指出的 10% 的新食客，是因為超級應用程序在第一季度在 Android 中可用。所以就像這個數字會上升一樣。我們還沒有真正推動的是在很大程度上將交付返回到移動性。我們的重點是更多的移動性和交付，但我們看到了交付到移動性或交付到酒精或交付到雜貨店的真正潛力，這些都是我們關注的領域。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Dara, you may have touched on it briefly on Drizly and the acquisition, but just wondering if you can help us understand more just the rationale kind of from a build-versus-buy perspective and then also a little bit more around the unit economics of the business.

Dara，您可能已經簡要介紹了 Drizly 和收購，但只是想知道您是否可以幫助我們更多地了解從構建與購買的角度來看的基本原理，然後更多地了解單位經濟學這生意。

Yes. I think for us, as far as build versus buy, it went down to -- we got to know the Drizly team. We were super, super impressed with them. And I think that while at a high level, it's easy to say, well, this is delivery of all things, and it's delivery of food or delivery of grocery or delivery of alcohol, actually, each of these verticals can be quite idiosyncratic. And it is hard when you have a generalized platform to go in really, really deep as far as, for example, how do you search for products.

是的。我認為對我們來說，就構建與購買而言，它歸結為——我們了解了 Drizly 團隊。我們對他們印象非常深刻。而且我認為，雖然在高層次上，很容易說，嗯，這是所有東西的交付，它是食品交付或雜貨交付或酒精交付，實際上，這些垂直領域中的每一個都可能非常特殊。當你有一個通用的平台時，很難深入了解，例如，你如何搜索產品。

So as one small example, people who come to the Uber Eats app tend to search restaurant first, merchant first and then product. People who come to Drizly tend to search product first and then merchant. What are you looking for? Do you want IPA? They go product first, then the Drizly team is able to identify the merchants who are able to fulfill that product based on a confidential of speed and price, and then you dig, and then you go merchant second. That's just one example of how these 2 products that seem similar, and over a period of time, are going to come together, they're actually in these early iterations, and it's the details that really, really count, quite idiosyncratic, quite different.

舉個小例子，使用 Uber Eats 應用程序的人傾向於先搜索餐廳，然後是商家，然後是產品。來 Drizly 的人傾向於先搜索產品，然後搜索商家。你要買什麼？你想要IPA嗎？他們先做產品，然後 Drizly 團隊能夠根據速度和價格的機密來識別能夠滿足該產品的商家，然後你去挖掘，然後你再去商家。這只是這兩種看起來相似的產品如何在一段時間內融合在一起的一個例子，它們實際上處於這些早期迭代中，而真正重要的是細節，非常獨特，非常不同.

With alcohol, you've got the regulatory environment, which is different from state to state to state. As you know, we're highly, highly regulated company on a local basis. And we just saw Drizly team who built, who built fast, we built profitably and also did it the right way. So I think putting together like a product that is first-class merchant base that is highly penetrated and introducing them to the giant audience that we have, that's a pretty powerful combination. And you've seen it kind of executed on in other tech companies. And I think we will be able to turbocharge Drizly growth, hopefully, and also leave that team to execute the way that they've been executing, which is at a very, very high level.

有了酒精，你就有了監管環境，這在各州之間是不同的。如您所知，我們是在當地受到高度、高度監管的公司。我們剛剛看到 Drizly 團隊建造，建造速度快，我們建造得有利可圖，而且做得正確。因此，我認為將產品整合為具有高度滲透性的一流商家基礎並將它們介紹給我們擁有的龐大受眾，這是一個非常強大的組合。你已經看到它在其他科技公司中得到了執行。而且我認為我們將能夠推動 Drizly 的增長，希望如此，並且讓該團隊執行他們一直在執行的方式，這是非常非常高的水平。

Any...

任何...

Go ahead, sorry.

繼續，對不起。

I was just going to follow-up and ask any more color just on how you think about unit economics and take rate in the business?

我只是要跟進並詢問更多關於您如何看待單位經濟學和業務利率的顏色？

Yes. So this is Nelson. So as you might expect, the take rates, the basket sizes are larger versus the traditional ride or even a food delivery. And then as Dara mentioned, it is a little bit different because it's mostly a 2P business. And so what they do is they connect local merchants. And so if you've not use the product you should, they do a wonderful job. And then what they do is that they're competing. And so -- and they're providing, in most cases, the courier. If not, they do use third-party couriers as well.

是的。這就是納爾遜。因此，正如您所料，與傳統乘車甚至送餐相比，取車率、購物籃尺寸更大。然後正如 Dara 提到的，它有點不同，因為它主要是 2P 業務。所以他們所做的就是連接當地的商家。因此，如果您沒有使用您應該使用的產品，它們會做得很好。然後他們所做的是他們在競爭。所以——在大多數情況下，他們提供快遞。如果沒有，他們也會使用第三方快遞。

And so the economics actually are quite good. And as Dara mentioned earlier, they are profitable today. And as you know, they are small, and we think they have a huge opportunity to continue to grow, but navigating through all of the various state-by-state liquor. So if you're in the state of Pennsylvania, you actually can't buy liquor, you can only buy beer, and it differs by state. And so they've done a very, very good job in terms of setting it up. But again, we like the unit economics a lot. The basket prices are very strong.

所以經濟學實際上是相當不錯的。正如 Dara 之前提到的，他們今天是盈利的。如您所知，它們很小，我們認為它們有很大的機會繼續發展，但要在所有不同的州酒中導航。所以如果你在賓夕法尼亞州，你實際上不能買酒，你只能買啤酒，而且因州而異。所以他們在設置方面做得非常非常好。但同樣，我們非常喜歡單位經濟學。籃子價格非常強勁。

We also think the media opportunity there is pretty interesting as it is in the Delivery space generally.

我們還認為那裡的媒體機會非常有趣，因為它通常在交付領域。

Your next question comes from the line of Lloyd Walmsley with Deutsche Bank.

您的下一個問題來自德意志銀行的 Lloyd Walmsley。

I have 2 questions, if I can. Just first, can you just talk a little bit more about your strategy for passing along the kind of Prop 22 costs? Are you passing the entire amount along to customers or keeping it in California? What are you seeing kind of competitors do and customers react?

如果可以的話，我有 2 個問題。首先，您能否多談談您傳遞 22 號提案成本的策略？您是將全部金額轉交給客戶還是留在加利福尼亞？你看到什麼樣的競爭對手做了什麼，客戶有什麼反應？

And then the second one, can you talk about Uber Direct? How big of a priority is that for this year? And besides maybe grocery, what are some of the focus areas in terms of your partnerships? And anything you can share on kind of unit economics for that would be helpful.

然後是第二個，你能談談 Uber Direct 嗎？今年的優先事項有多大？除了雜貨店，你們的合作夥伴關係還有哪些重點領域？任何你可以分享的關於單位經濟學的東西都會有所幫助。

Okay. So I'll cover Prop 22. So first of all, we believe Prop 22 was the right outcome for drivers and riders and Uber. And the price increases are manageable when compared to the 100-plus increases associated with traditional employment that we would have seen us exit most markets in California. And not just us, but our other competitors as well. So for Mobility, we've increased prices to account for most of the new costs, although we've absorbed a small amount ourselves. And for Delivery, the cost impacts are larger than Mobility. And while the price increases have accounted for the majority of the cost to the customer, but we have seen slightly bigger impact in Mobility. So I guess the shorter answer is we have seen some cost. We do think it's right. We've passed a fair amount on the consumers, but we've also absorbed some ourselves.

好的。所以我將介紹 Prop 22。首先，我們認為 Prop 22 對司機和乘客以及優步來說是正確的結果。與傳統就業相關的 100 多漲幅相比，價格上漲是可控的，我們會看到我們退出加州的大多數市場。不僅是我們，還有我們的其他競爭對手。因此，對於 Mobility，我們提高了價格以佔新成本的大部分，儘管我們自己吸收了一小部分。對於交付而言，成本影響大於移動性。雖然價格上漲佔客戶成本的大部分，但我們看到移動性的影響略大。所以我想更簡短的答案是我們已經看到了一些成本。我們確實認為這是對的。我們已經通過了相當多的消費者，但我們自己也吸收了一些。

And then on Uber Direct, as we mentioned, the direct business is about 18% of Postmates business in Q4. It's a much, much smaller percentage of Uber's overall business. And our focus on the enterprise has mostly been as it relates to U4B and now Eats for Business where we've seen incredible enterprise growth. But it's Bank of America, for example, using Eats for Business. So this is actually a -- I would consider it a relatively greenfield opportunity for Uber. We have -- we focused on initially kind of a consumer-to-consumer package delivery through Uber Connect, which has been very interesting. But the enterprise business is one where, frankly, we're going to take the lead from the Postmates team, who has built out those capabilities, already has merchant relationships with Apple, with Walmarts and many others.

然後在 Uber Direct 上，正如我們所提到的，在第四季度，直接業務約佔 Postmates 業務的 18%。它在優步整體業務中所佔的比例要小得多。我們對企業的關注主要是因為它與 U4B 和現在的 Eats for Business 相關，我們已經看到了令人難以置信的企業增長。但它是美國銀行，例如，使用 Eats for Business。所以這實際上是一個——我認為這對優步來說是一個相對較新的機會。我們有 - 我們最初專注於通過 Uber Connect 提供一種消費者對消費者的包裹遞送，這非常有趣。但坦率地說，企業業務是我們將從 Postmates 團隊中帶頭的一項業務，他們已經建立了這些能力，已經與蘋果、沃爾瑪和許多其他公司建立了商業關係。

And with our scale and our geographic footprint, which is broader, we think we can scale that business out quite attractively. The unit economics of the business that we've seen with Postmates are encouraging. And we think that it will be additive business and margins that are generally comparable on a bottom line basis because you're not going to get kind of revenue -- net revenue margins that are the same as a marketplace business. But from a bottom line kind of variable contribution margin basis, we think the unit economics are going to be roughly comparable. But it's a pretty cool promising business, and we're looking forward to the Postmates team and building on their efforts.

憑藉我們的規模和更廣泛的地理足跡，我們認為我們可以非常有吸引力地擴展該業務。我們在 Postmates 中看到的業務單位經濟效益令人鼓舞。而且我們認為這將是附加業務和利潤率通常在底線基礎上具有可比性，因為您不會獲得某種收入 - 與市場業務相同的淨收入利潤率。但從底線類型的可變邊際貢獻來看，我們認為單位經濟學將大致具有可比性。但這是一個非常酷的有前途的業務，我們期待著 Postmates 團隊並在他們的努力下再接再厲。

Your next question comes from the line of Jason Helfstein with Oppenheimer.

你的下一個問題來自 Jason Helfstein 和 Oppenheimer。

Two questions. Nelson, can you unpack maybe the quarter-to-quarter decline in the Mobility or the decline -- excuse me, Mobility take rate? And then maybe comment a bit how we should think about it in the first quarter. And then Dara, I mean, we're all kind of working through our TAM models. And just maybe how are you thinking about ramping grocery versus convenience versus (inaudible) versus alcohol? And just how you think about U.S. versus international? Because I think the business is kind of right now at unit economics by geography.

兩個問題。尼爾森，你能否解釋一下流動性的季度下降或下降 - 對不起，流動性採取率？然後也許評論一下我們應該如何在第一季度思考它。然後 Dara，我的意思是，我們都在研究我們的 TAM 模型。也許您如何考慮增加雜貨與便利與（聽不清）與酒精？您如何看待美國與國際？因為我認為這個行業現在有點像按地域劃分的單位經濟學。

So the big driver of the take rate change for Mobility is really just mix. You heard Dara talk earlier about the fact that Brazil is almost 80% -- 85%, 90% of where it was pre crisis. And so Brazil, which, as you know, is one of our larger marketplace that has come back a lot faster than a place like the U.S. and parts of the Western Europe. And so it's really just mix shift-related. I think you heard in my prepared comments on the call, we expect take rates to be largely flattish in the first quarter. But again, there could be some variability based on mix shift. And as we see more recovery in some of the markets like the U.S. or like parts of Western Europe, you should see the mix shift benefit as that happens.

因此，Mobility 採用率變化的主要驅動因素實際上只是混合。你之前聽到 Dara 談到巴西幾乎是危機前的 80% - 85%，90%。因此，如您所知，巴西是我們更大的市場之一，其恢復速度比美國和西歐部分地區快得多。所以它實際上只是混合換檔相關的。我想你在我準備好的電話會議評論中聽到了，我們預計第一季度的利率將基本持平。但同樣，可能存在基於混合變化的一些可變性。隨著我們看到美國或西歐部分地區等一些市場出現更多複蘇，您應該會看到這種情況發生時混合轉變的好處。

And then as far as the adjacencies and how we think about the adjacencies, obviously, Cornershop has been a part of our business for longer, for a bit of time now. It's a team that, again, has really built that business quite effectively with a relatively small amount of capital. So they had built a pretty efficient cost base and a service that really is driving a significant amount of loyalty as far as their customer base goes.

然後就鄰接以及我們如何看待鄰接而言，顯然，Cornershop 已經成為我們業務的一部分已經有一段時間了。這個團隊再次以相對較少的資金真正有效地建立了該業務。因此，他們建立了一個非常有效的成本基礎和一項服務，就他們的客戶群而言，這種服務確實能夠提高忠誠度。

So listen, I think if I were to order it, I think the grocery opportunity is very significant. And when you look at the percentage of consumers who have ordered grocery delivery, have used grocery delivery versus, let's say, food delivery, actually, the grocery delivery is substantially behind in terms of adoption than food delivery. So we think the opportunity with grocery is significant. We don't think that the markets have been one.

所以聽著，我想如果我要訂購它，我認為雜貨店的機會非常重要。當您查看訂購雜貨配送、使用雜貨配送與食品配送的消費者百分比時，實際上，雜貨配送在採用率方面遠遠落後於食品配送。所以我們認為雜貨店的機會是巨大的。我們不認為市場是一個。

We have, obviously -- the Cornershop team has a big presence already in Latin America. Uber has a very big presence in Latin America. So the LatAm markets are absolutely a priority. But I think Europe and the U.S. are very high potential markets. In the U.S., I think, our approach is going to be more merchant-led. We'll look to sign off significant merchants. And obviously, then we will expand in geographies that match up those merchants. And Europe, we're going to be quite opportunistic.

很明顯，我們有 - Cornershop 團隊已經在拉丁美洲有很大的影響力。優步在拉丁美洲有很大的影響力。因此，拉美市場絕對是一個優先事項。但我認為歐洲和美國是非常有潛力的市場。我認為，在美國，我們的做法將更加以商家為主導。我們將尋求籤署重要的商人。顯然，然後我們將擴大與這些商家相匹配的地域。而歐洲，我們將非常投機取巧。

So certain countries like France, for example, we are off to a really, really strong start there organically through the mainline Uber service. So I think grocery, we're kind of working on all fronts, but the global scope that we have is unique. We're going to scale the business. We anticipate scaling the business at multiples of the run rate that we're at now, which is $1.5 billion run rate. And the unit economics, we don't have to kind of prove out the unit economics, the Cornershop team has already proven out the unit economics. So it's about taking attractive unit economics scaling and really investing and building in the merchant relationships over a period of time.

因此，例如法國等某些國家，我們通過主線 Uber 服務有機地開始了一個非常非常強大的開端。所以我認為雜貨店，我們在各個方面都在努力，但我們擁有的全球範圍是獨一無二的。我們將擴大業務規模。我們預計以我們現在的運行速度的倍數擴展業務，即 15 億美元的運行速度。而單位經濟學，我們不必證明單位經濟學，Cornershop團隊已經證明了單位經濟學。因此，這是關於採取有吸引力的單位經濟規模，並在一段時間內真正投資和建立商家關係。

Your next question comes from the line of Youssef Squali with Truist Securities.

您的下一個問題來自 Truist Securities 的 Youssef Squali。

Two questions, please. One is actually just a follow-up to that question, Dara. Maybe focusing on grocery and convenience store opportunity. So the competitive landscape seems to be prudent, and it's probably even more intensive than Delivery. Can you just speak to the competitive advantages that you see Uber as having relative to your key competitors? And kind of what are the key issues that still need to be ironed out before you kind of basically, maybe accelerate the investments there beyond what Nelson just said earlier, about Q1?

請教兩個問題。一個實際上只是該問題的後續，Dara。也許專注於雜貨店和便利店的機會。因此，競爭格局似乎是謹慎的，而且可能比交付更加密集。你能談談你認為優步相對於你的主要競爭對手的競爭優勢嗎？在你基本上之前，還有哪些關鍵問題需要解決，可能會加速那裡的投資，超出納爾遜剛才所說的，關於第一季度？

And then on Prop 22, it's now been challenging core by some drivers in the labor union. Does that worry you? And where are you in your discussions with policymakers in other states, I guess, especially given the new administration?

然後在 22 號提案中，工會中的一些司機現在一直在挑戰核心。這讓你擔心嗎？我猜你在與其他州的政策制定者討論時處於什麼位置，尤其是考慮到新政府？

Sure. I think on grocery, I'll keep it simple. We have over 90 million monthly active platform consumers right now on the platform. And we have proven with our Mobility business being able to drive consumers to our delivery app, basically for free, the ability to move consumers and audience across this platform because they trust Uber, they trust our brand. We have all their information and, they trust us with their payment information and they trust us with their location. So we've already done it.

當然。我想在雜貨店，我會保持簡單。目前，我們平台上每月有超過 9000 萬活躍的平台消費者。我們已經證明，我們的移動業務能夠將消費者吸引到我們的交付應用程序，基本上是免費的，能夠在這個平台上移動消費者和受眾，因為他們信任優步，他們信任我們的品牌。我們擁有他們的所有信息，他們信任我們的付款信息，他們信任我們的位置。所以我們已經做到了。

And I think we can do the same with grocery because we essentially already proven out the unit economics. We don't need to make the unit economics work. The unit economics already work. We have a global audience, and that's, we think, a substantial strategic advantage versus our competition. It's really the merchant relationships that we have to work on. And in many markets, we are in great shape and in some markets, we have to develop those merchant relationships.

我認為我們可以對雜貨店做同樣的事情，因為我們基本上已經證明了單位經濟學。我們不需要使單位經濟學起作用。單位經濟學已經奏效了。我們擁有全球觀眾，我們認為，與我們的競爭對手相比，這是一個巨大的戰略優勢。這真的是我們必須處理的商家關係。在許多市場，我們處於良好狀態，在某些市場，我們必鬚髮展這些商家關係。

On the Prop 22, we've got Tony West, our Chief Legal Officer on the line, I think. Tony, are you on? Can you comment on?

我認為，在 22 號提案中，我們的首席法律官 Tony West 已經上線。托尼，你在嗎？你能評論一下嗎？

Sure. But could you just repeat the Prop 22? I know it was driver support, but I didn't get the full question.

當然。但是你能重複22號提案嗎？我知道這是驅動程序支持，但我沒有得到完整的問題。

Yes. So I was just saying that it's basically been a challenging quarter by, I know at least one labor union and some drivers. And so is that something that where is you at this point? And just broadly speaking, where are you in your discussions with policymakers in other states to try to use Prop 22 as a blueprint for other geographies?

是的。所以我只是說這基本上是一個充滿挑戰的季度，我知道至少有一個工會和一些司機。那你現在在哪裡？從廣義上講，您在與其他州的政策制定者討論以嘗試將第 22 號提案用作其他地區的藍圖時處於什麼位置？

So taking that last question first, those conversations are ongoing, and we were very clear after Prop 22 that we thought it was a good model, a good base from which to have conversations about how you have an independent contractor plus model, one that allows for benefits in addition to the flexibility and independence that we know earners prefer. So those conversations are ongoing in various venues around the country. And with regard to the lawsuit, you may have seen that the California Supreme Court actually denied the lawsuit, said it was not properly broaden at the Supreme Court level. We expect that, that lawsuit will probably show up again in some other form in a lower court. But on the merit, it's not one that particularly concerns us.

因此，首先考慮最後一個問題，這些對話正在進行中，我們在 22 號提案之後非常清楚，我們認為這是一個很好的模型，是一個很好的基礎，可以用來討論如何擁有獨立承包商和模型，一個允許除了我們知道的收入者喜歡的靈活性和獨立性之外，還有其他好處。因此，這些對話正在全國各地的各個場所進行。而關於訴訟，你可能已經看到，加州最高法院實際上駁回了訴訟，說它沒有在最高法院層面適當擴大。我們預計，該訴訟可能會以其他形式再次出現在下級法院。但就其優點而言，這並不是我們特別關注的問題。

Your last question comes from John Blackledge with Cowen.

您的最後一個問題來自 John Blackledge 和 Cowen。

Two questions. First, on Mobility, could you just discuss views on the business recovery over the next 2 years, maybe parsing out commuting versus business/airport travel? And then on Delivery, how do you view the long-term profit profile for the new verticals relative to each long-term profit profile?

兩個問題。首先，關於移動性，您能否談談對未來 2 年業務復甦的看法，或許可以分析通勤與商務/機場旅行？然後在交付方面，您如何看待新垂直行業相對於每個長期利潤情況的長期利潤情況？

Sure. I'll get on Mobility and Nelson, maybe you can talk about the profit profile. Listen, I think as far as the Mobility recovery goes, this year, the recovery timing is going to be very much dependent on when and how cities open up. So while we can't predict quarters, we can certainly predict direction and I think we've proven out in big markets like Brazil and Australia, which is, as these markets open up, the business comes back, and it will start growing again. This is a business that has grown for many, many years. It's fundamentally a better way of moving. And I think what's really encouraging is that we are seeing a new customer base come on to our platform during these very difficult times. And when you combine that with a customer base who is going to start -- going to work again, who's going to start going out again, our loyal customer base historically, I think you're going to have a very strong growth profile.

當然。我會談談 Mobility 和 Nelson，也許你可以談談利潤情況。聽著，我認為就流動性複蘇而言，今年，復甦的時機將在很大程度上取決於城市何時以及如何開放。因此，雖然我們無法預測季度，但我們當然可以預測方向，我認為我們已經在巴西和澳大利亞等大市場證明了這一點，也就是說，隨著這些市場的開放，業務會捲土重來，並且會再次開始增長.這是一項已經發展了很多年的業務。從根本上說，這是一種更好的移動方式。我認為真正令人鼓舞的是，在這些非常困難的時期，我們看到了新的客戶群進入我們的平台。當您將其與將要開始工作的客戶群結合起來時-再次工作，將再次開始外出，從歷史上看，我們的忠實客戶群，我認為您將擁有非常強勁的增長前景。

So there's no doubt in my mind that, that as we go to look at next year, 2022 or 2023, our Mobility business will grow at substantial double-digit rates. And I believe that we will take share from other modes of Mobility because we have demonstrated the safety of the platform, the efficacy of the platform, the ease of use, the dependableness and the affordability of the platform as well. So I'm very, very optimistic as it relates to Mobility trends. What I'm even more optimistic about are the investments that we're making in other modes of transport and helping the transit agencies of the world recover and rebound of powering taxis with our routing, our hail e-hail technology, our pricing technology, et cetera.

因此，毫無疑問，當我們展望明年、2022 年或 2023 年時，我們的移動業務將以兩位數的速度增長。我相信我們會從其他移動模式中獲得份額，因為我們已經證明了平台的安全性、平台的功效、易用性、可靠性和平台的可負擔性。所以我非常非常樂觀，因為它與移動趨勢有關。我更加樂觀的是我們在其他交通方式上的投資，並通過我們的路線、我們的冰雹電子冰雹技術、我們的定價技術幫助世界各地的交通機構恢復和反彈為出租車提供動力，等等。

These, I think, will be incremental positives. And putting all together, I think it adds up to essentially a platform for any kind of transport in your city and a unique platform in terms of the scale and global scope. I think that travel -- internal company business travel will probably come back a bit slower. So it may take a couple of years to come back. Companies have cut down on it. They're using Zoom, et cetera. So I think that will be a slow return but I think external travel, salespeople going to visit clients. So once you've got a salesperson to win a client with a personal visit versus someone who just tries to win a client on Zoom, they're going to have plenty of folks traveling out just like they have for years and years and years.

我認為，這些將是漸進的積極因素。總而言之，我認為它本質上是一個適用於您所在城市的任何類型交通的平台，以及一個在規模和全球範圍方面的獨特平台。我認為旅行——公司內部的商務旅行可能會慢一些。所以可能需要幾年的時間才能回來。公司已經減少了它。他們正在使用 Zoom 等。所以我認為這將是一個緩慢的回報，但我認為外部旅行，銷售人員會拜訪客戶。因此，一旦你有一個銷售人員通過親自拜訪贏得客戶，而另一個人只是試圖在 Zoom 上贏得客戶，他們就會有很多人像他們多年來一樣外出旅行。

So internal travel, business travel may be a little slow to recover, but external business travel, we think will recover very quickly. And I think leisure travel will bounce back really quickly and significantly, not just this year, but next 2 or 3 years. So we're pretty optimistic. Again, we can't predict near-term timing. But when we look over a couple of years, the trends are there. And I think we've got a great kind of investment profile as well as profit and cost profile as the business comes back. Nelson, you want to take the second question?

所以內部旅行，商務旅行可能恢復得有點慢，但是外部商務旅行，我們認為會很快恢復。而且我認為休閒旅遊會迅速而顯著地反彈，不僅僅是今年，而是未來兩三年。所以我們非常樂觀。同樣，我們無法預測近期時機。但是當我們回顧幾年時，趨勢就在那裡。而且我認為隨著業務的恢復，我們的投資狀況以及利潤和成本狀況都很好。尼爾森，你想回答第二個問題嗎？

Sure. So in terms of new verticals in Delivery, it's actually too early to comment and be too specific. But hopefully, we've proven to be pretty disciplined in terms of how we view investment. And we've been talking about it with our investors and with our -- and all of you folks over the past quarters in terms of how we go through our research allocation. You've seen and you saw during the course of 2020, the number of different actions you've taken including not just acquiring, but also moving away from things that we didn't think made sense from a long-term profit perspective.

當然。因此，就交付領域的新垂直領域而言，現在評論和過於具體還為時過早。但希望我們已經證明在我們如何看待投資方面非常自律。在過去的幾個季度裡，我們一直在與我們的投資者、我們以及你們所有人討論我們如何進行研究分配。在 2020 年期間，您已經看到並且看到了您採取的不同行動的數量，不僅包括收購，還包括遠離我們認為從長期利潤角度來看沒有意義的事情。

We are going to continue to test and try a lot of different things. You probably heard Dara talk before about the fact that we really want to own the next hour. And so in doing so, we are trying to figure out over the course of the next few years as we move to COVID recovery, what are those things that we have the right to play, and you will see us lean in. And as you know, we've announced that we're doing some pharmacy-type things in the place like New York. You've already talked a little bit about Drizly on the call. You've heard us talk a little bit about Cornershop and grocery. So we think there are a number of different verticals that you're going to see us continue to build on.

我們將繼續測試並嘗試很多不同的東西。你可能之前聽過 Dara 談到我們真的想擁有下一個小時的事實。因此，在這樣做的過程中，我們正試圖在接下來幾年的過程中，隨著我們轉向 COVID 恢復，哪些是我們有權玩的東西，你會看到我們靠攏。當你知道，我們已經宣布我們正在像紐約這樣的地方做一些藥房類型的事情。你已經在電話會議上談了一些關於 Drizly 的事情。你聽說過我們談論過街角商店和雜貨店。因此，我們認為您將看到我們繼續在許多不同的垂直領域繼續發展。

And it's all about building and bringing in more people into the community. And so you hear about how many people you can act with users we have and so we will continue to build on it. We will be disciplined in terms of the economics. And you heard on Drizly, one of the things we really like was just the basket sizes. And you've heard us talk in the past about the way you drive margin as you get scale, you have economies, you get good basket sizes and you can generate margins. And so we'll continue to do that.

這一切都是為了建立和吸引更多的人進入社區。因此，您會聽說可以與我們擁有的用戶一起行動的人數，因此我們將繼續在此基礎上進行建設。我們將在經濟方面受到紀律處分。你在 Drizly 上聽說過，我們真正喜歡的一件事就是籃子的尺寸。您過去曾聽我們談論過如何在獲得規模、經濟、獲得良好的籃子規模以及產生利潤時提高利潤率。所以我們將繼續這樣做。

I think just the only thing to add is like, I think that it's pretty simple in that our customer acquisition costs will structurally be lower, all things being equal, than our competitors' customer acquisition costs. And in these early markets, because all of these markets are in very, very early adoption, customer acquisition costs tend to be very significant as a percentage of, let's say, economics.

我認為唯一要補充的是，我認為這很簡單，因為我們的客戶獲取成本在結構上將低於我們競爭對手的客戶獲取成本，在所有條件相同的情況下。在這些早期市場中，由於所有這些市場都處於非常非常早期的採用階段，因此客戶獲取成本往往佔經濟學的百分比非常重要。

What I'm really excited about with our membership program, now it's 5 million ever strong, is that our membership program just becomes more and more powerful. We'll be the only membership program that is providing discounts on food, providing discounts on rides, free grocery delivery, free alcohol delivery, et cetera, we will have the deepest and most meaningful local membership -- high-frequency local membership model. And what that will result in is not only a structural advantage in terms of customer acquisition costs, but also, hopefully, an advantage in terms of customer retention and lifetime value. And then underneath all of that, we built the payments ecosystem. We built the identity ecosystem. We have teams on the ground in every single 180 cities. So overhead costs and our operational costs should actually be more efficient than any of the other players. So like better cap, better LTV, more attractive margin profile, you put that together and you have the makings of -- we did it in Mobility, we did it in food. We're going to do it in Delivery.

我對我們的會員計劃感到真正興奮的是，我們的會員計劃現在已經達到了 500 萬，而且我們的會員計劃變得越來越強大。我們將成為唯一提供食品折扣、提供乘車折扣、免費雜貨配送、免費酒水配送等的會員計劃，我們將擁有最深入、最有意義的本地會員——高頻本地會員模式。這將帶來的不僅是在客戶獲取成本方面的結構性優勢，而且有望在客戶保留和終身價值方面帶來優勢。然後在所有這些之下，我們建立了支付生態系統。我們建立了身份生態系統。我們在每 180 個城市都有實地團隊。因此，間接成本和我們的運營成本實際上應該比任何其他參與者都更有效率。因此，就像更好的上限、更好的 LTV、更有吸引力的利潤率概況，你把它們放在一起，你就有了——我們在移動領域做到了，我們在食品領域做到了。我們將在 Delivery 中執行此操作。

All right. I think, Balaji, that was the last question, if I'm correct. Is that right?

好的。我想，巴拉吉，如果我是對的，那是最後一個問題。那正確嗎？

Yes. Yes.

是的。是的。

All right. Great. Just -- I did want to say a special thank you to the Uber teams. 2020, I think, has been a super difficult year for the world. It's been a really difficult year for us as a team, but I'm just incredibly proud of how the team stood up. We asked ourselves a question like, how can we help our community first, how can we help our drivers first, our couriers first? And the team really, really stepped up this year. We've got a huge amount of work ahead of us, but yo really stepped up. So thank you for that. As far as our investors go, we will talk to you next quarter, and thank you for your interest, and thank you for your investment.

好的。偉大的。只是——我確實想特別感謝 Uber 團隊。我認為，2020 年對世界來說是極其艱難的一年。作為一個團隊，這對我們來說是非常艱難的一年，但我為團隊的崛起感到無比自豪。我們問自己一個問題，例如，我們如何首先幫助我們的社區，我們如何首先幫助我們的司機，我們的快遞員？球隊今年真的，真的加強了。我們有大量的工作擺在我們面前，但你真的加緊了。非常感謝你的幫忙。至於我們的投資人，下個季度我們會和你談談，感謝你的關注，感謝你的投資。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。